GAIL India may test Rs 500: Kunal Bothra

Kunal Bothra of LKP Securities told CNBC-TV18, "GAIL India has broken out of a range. The level of Rs 465-468 was proving to be a good resistance. However if you look at the overall chart pattern building up on a monthly chart basis, it was making a pattern of higher-bottoms and the resistance was Rs 465-468 which was just a matter of time to be taken out. Today it has moved which just goes to show the kind of overall picture for GAIL. The fact that it is made a fresh new high and broken out of that consolidation of Rs 25-30 odd band shows that there could be a chance it may head towards Rs 500."

"The near tern resistance for GAIL is Rs 500 but all time resistance is close to Rs 525. So given a couple of months, the stock should be trading very close to Rs 525 odd mark," he added.